Large Pullback - Market Analysis on Apr 30th, 2015

When metals are truly in a bull market, the retracements are usually so small that they do not allow one to board the train.  Clearly, we are not in a bull market.  Furthermore, I am eve questioning if we see a lower low in both the GLD and silver.  For now, as long as they both hold over their prior lows, we have an appropriate 1-2, i-ii set up in both those chart.  However, I still cannot rule out the potential for one more drop to a slightly lower low before the next bullish rally I want to see takes hold.

Ultimately, I do not have a good pattern to strongly consider that we are on our ways to the lower lows we expect in this long term bear phase.  I still believe we need to see much more bullish sentiment developed in order to take us that low.

BaseCase - Silver 144min
BaseCase - Silver 144min
BaseCase - GLD Daily
BaseCase - GLD Daily
Avi Gilburt is founder of ElliottWaveTrader.net.